W&T Offshore (NYSE:WTI) Shares Gap Down – What’s Next?

W&T Offshore, Inc. (NYSE:WTI) gapped down before the market opened on Tuesday . The stock had previously closed at $3.80, but opened at $3.62. W&T Offshore shares last traded at $3.6480, with a volume of 248,668 shares changing hands.

Wall Street Analyst Weigh In

WTI has been the subject of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of W&T Offshore in a report on Friday, July 17th. Roth Capital set a $4.25 target price on W&T Offshore in a report on Tuesday, July 21st. Finally, Wall Street Zen cut shares of W&T Offshore from a “buy” rating to a “hold” rating in a research report on Saturday, July 4th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $4.25.

W&T Offshore Price Performance

The firm has a market cap of $552.60 million, a price-to-earnings ratio of -5.02 and a beta of 0.24. The stock’s fifty day moving average price is $3.46 and its 200-day moving average price is $3.39.

W&T Offshore (NYSE:WTI) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The firm had revenue of $162.62 million during the quarter, compared to analyst estimates of $157.46 million. As a group, equities research analysts predict that W&T Offshore, Inc. will post -0.09 EPS for the current fiscal year.

W&T Offshore Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Shareholders of record on Wednesday, August 19th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, August 19th. W&T Offshore’s payout ratio is -5.48%.

Institutional Investors Weigh In On W&T Offshore

Several large investors have recently made changes to their positions in the company. Legal & General Group Plc acquired a new position in W&T Offshore during the second quarter worth $28,000. StoneX Group Inc. bought a new stake in shares of W&T Offshore in the fourth quarter valued at approximately $28,000. Oxford Asset Management LLP bought a new stake in shares of W&T Offshore in the second quarter valued at approximately $29,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of W&T Offshore in the third quarter worth $32,000. Finally, Engineers Gate Manager LP acquired a new stake in shares of W&T Offshore in the fourth quarter worth $32,000. Institutional investors own 42.88% of the company’s stock.

About W&T Offshore

W&T Offshore, Inc is an independent oil and gas exploration and production company focused primarily on offshore operations in the Gulf of Mexico. The company acquires, develops and produces crude oil and natural gas reserves, operating a portfolio of producing properties that encompasses both shallow-water and deepwater assets. W&T Offshore leverages its technical expertise and asset management capabilities to optimize field development and production efficiency across its portfolio.

Founded in 1983 and headquartered in Covington, Louisiana, W&T Offshore has built a track record of disciplined growth through strategic acquisitions and targeted exploration activities.